Point Realty Associates obtained financing of $6M from JPMorgan Chase Bank

Point Realty Associates, LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $5.8 million for 2 parcels, including the tax class multifamily, over six families without stores (C1) and containing 78 residential units at 171 Meserole Street, 165 Meserole Street in East Williamsburg. The deal closed on June 28, 2019 and was recorded on July 23, 2019.
The property contains a total of 36,425 square feet of built space. The property has 1,725 square feet of available development rights.
The average loan per unit is $74,744.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel. There was one renovation/alteration project (A2) applied for with a total estimated value of $50,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link